Thor Mining (LON: THR) announced on Thursday that a 2000m diamond drilling program has commenced.
Thor said the program will focus on depth extension and structural delineation of the northern mineralised domains of the Alford East copper-gold deposit.
A$300,000 awarded by the South Australian Government to Thor mining under the Accelerated Discovery Initiative (ADI) will be partially used for resource drilling.
The company will also collect core and water samples for hydrometallurgical test work as part of the In Situ Recovery (ISR) assessment process.
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
“Thor is excited about commencing its maiden drilling program at Alford East, where our geology teams' new geological model strongly indicates new weathering boundaries opening up copper oxide mineralisation potential at depth and along strike.
“At a time when the copper price is at decade highs, Thor is fast tracking the exploration and development of the Alford East copper project. We look forward to updating the marketing with drilling results in the coming weeks.”
Thor Mining's share price is currently down 6.51% at 1.077p.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.